Mr. Ian Berzins reports

LION ONE ACQUIRES NEW LM90 DRILL TO TARGET ZONE 500 AND WEST ZONE FROM UNDERGROUND

Lion One Metals Ltd. has purchased a new Boart Longyear LM90 underground core drill for the company's 100-per-cent-owned Tuvatu alkaline gold mine in Fiji. The goal of the company is to significantly expand production at Tuvatu, and the LM90 drill has been purchased as part of a renewed strategy to achieve this goal. The drill enhances the company's underground drilling capabilities by enabling deep drill holes and inclined drill holes to be drilled from stations deep underground. The primary intent of the drill is to target both the Zone 500 and the West zone at depth to expand and upgrade the resource in these areas and to ultimately increase production at depth at Tuvatu.

Highlights of the LM90 drill purchase and strategy:

• Purpose-built underground drill rig with maximum drill depth of 990 metres;
• Full dip range from vertically up (plus 90) to vertically down (minus 90);
• Ability to drill Zone 500 laterally from depth underground for the first time;
• Ability to drill West zone laterally from depth underground for the first time;
• Ability to drill full incline holes for the first time;
• Dedicated drill station off Level 1051 now under development;
• Delivery anticipated mid-October, 2026;
• Increases Lion One's drill fleet to four underground drills and two active surface drills.

The Boart Longyear LM90 is a high performance underground drill rig that is specifically designed for use in underground mines. It can drill up to a maximum depth of 990 metres, can drill all dip angles from vertically up (plus 90) to vertically down (minus 90) and can accommodate a full range of rod sizes from AQ to NQ. Lion One has ordered one new LM90 for delivery by mid-October, 2026.

The LM90 will provide increased flexibility and versatility to the company's underground drilling operations at Tuvatu. The drill's broad operational capability will enable the company to drill both inclined drill holes and deep drill holes from underground. A dedicated underground drill station for the LM90 is in development to maximize the capability and benefit of the drill. The drill station will be located at the end of an 80-metre drive off level 1051 of the mine to the south of Zone 2. From that location, the drill will be able to effectively target high-grade mineralization in Zone 500, in the West zone, and at an incline into Zone 5, as well as along strike of these zones. This is a significant development for Lion One as the company will be able to drill both the Zone 500 and the West zone from depth underground for the first time. All previous drill holes targeting these zones have been conducted from drill positions at or near surface. Drilling from underground will enable shorter, quicker and cheaper drill holes into Zone 500 and the West zone, with better angles of intercept into the high-grade steeply dipping veins in those areas. The LM90 is also smaller than the current underground drill fleet and can therefore be transported through smaller development drifts, which require less time and capital to develop.

Lion One president and chief executive officer Ian Berzins stated: "The LM90 is an important purchase for Lion One Metals as it significantly increases the versatility and capability of our underground drill fleet. We will be able to drill Zone 500 and the West zone effectively from a dedicated drill station underground for the first time. We're excited to get the drill on site and start targeting those areas as soon as possible."

With the purchase of the LM90 drill rig, Lion One will have six operating drills in its fleet. This includes three Zinex U5 electric underground drills, one Zinex U5 diesel surface drill, one EDR450 track-mounted surface drill and the LM90 underground drill. All these drills are owned and operated by Lion One Metals, except for the EDR450, which is a leased drill. The company also owns two Hanjin D&B 30D surface drills, which are not in service.

Qualified person statement

In accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Melvyn Levrel, MAIG, senior geologist for Lion One Metals, is the qualified person for the company, and has reviewed and approved the technical and scientific content of this news release.

About Lion One Metals Ltd.

Lion One Metals is an emerging Canadian gold producer headquartered in North Vancouver, B.C., with new operations established in late 2023 at its 100-per-cent-owned Tuvatu alkaline gold project in Fiji. The Tuvatu project comprises the high-grade Tuvatu alkaline gold deposit, the underground gold mine, the pilot plant and the assay lab. The company also has an extensive exploration licence covering the entire Navilawa caldera, which is host to multiple mineralized zones and highly prospective exploration targets.

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